Analysis Of Influence Factors Of The Dividend Policy Of China’s Listing Corporation

As one of the company’s financial activities of the three important components, dividend policy has some functions as follows:reflects company’s operating results and performance, affects the company’s strategic direction and could shape the image of the company, it’s one of the most important activities in company management which can deeply affect the company’s long-term sustainable development. These theories about dividend policy that were studied by the developed countries are quite prosperous, these studies conclusions are also keeping improved and enriched. However, the present dividend policy influence factors theory which are researched by Chinese domestic scholars haven’t been persuasive, this state of affairs is resulted by the main reasons as follows:our stock market’s late start and its slow development, the relevant systems and construction of legal systems haven’t be perfect. Therefore, these scholars also could not been completely used to perfect the dividend policy in the field of our listing Corporation.This paper focuses on the empirical research, but still based mainly on foreign dividend relevant theory as the theoretical analysis basic, and through the method of descriptive statistic, this paper grasps the current situation of Chinese listing Corporation of dividend distribution, it’s as follows:cash dividend distribution is the main form, unallocated phenomenon is universal, the paid level is low, the distribution is not continuous and so on. This paper also sets up two dependent variable quantities what are whether distributing of dividends and the detail dividend payout ratio, to construct two different regression models for empirical analysis, the study found that the attention interests of small shareholders are difficult to protect, the information disclosure of dividend policy is not enough, the probable quantization index of dividend policy are not clear, and lack of the external supervision work about the dividend policy, these problems could be disposed accordingly by the countermeasures:as far as possible strengthen the protection of minority shareholders’ personal interests and vital rights, enhance and perfect the information disclosure work of dividend distribution outstanding, reasonably construction the comprehensive and quantitative index system about dividend distribution, and play a role of external supervision mechanism.